FG Allegedly Moves to Privatise 3 Nigerian Refineries as Kaduna Repair Nears Completion
- The Kaduna refinery repair works are scheduled to be completed before the end of the year
- The refinery’s managing director, Mustafa Sugungun, disclosed that the ongoing quick fix for the refinery will be completed by the end of the year
- However, the presidency has disclosed plans to privatise the Port Harcourt, Warri and Kaduna refineries
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The managing director of the Kaduna Refining Petrochemical Company Limited, Mustafa Sugungun, has disclosed that the ongoing quick fix for the Kaduna refinery is due for completion by the end of the year.
The Nigerian National Petroleum Company Limited (NNPC) awarded a $741 million contract to South Korea’s Daewoo Engineering and Construction to rehabilitate the facility.
Source: Getty Images
Repair works will provide economic benefits
Under the quick-fix repair agreement, the company will restore production at the facility to at least 60% of its capacity by the end of the year.
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Sugungun stated this during the presentation of the renovated Rido Community Primary School and a solar-powered borehole in Maraban Rido in Kaduna state.
Daily Trust reports that the event is part of the refinery’s CSR scheme. Sugungun emphasised the company’s commitment to improving the living standards of its host community.
According to the MD, the repair works would bring economic benefits and jobs, boost petty businesses, and foster other economic values.
He asked the host community to support the refinery's ongoing repair works, stating that their success would boost the relationship between the refinery and the host community.
FG moves to privatise three refineries
Meanwhile, the Nigerian government is allegedly planning the privatisation of the Port Harcourt, Warri and Kaduna refineries.
The presidency signalled plans to private the three refineries, stating that plans are underway.
Reports say Sunday Dare, the President's Special Adviser on Media and Public Relations, stated this via his X handle.
He said:
“Full privatisation of Port Harcourt, Warri and Kaduna refining in the works.
“With full local refining gradually being met, days of fuel queues to end.”
Dare, however, did not provide specifics but revealed that the plans are in the works.
This comes as Dangote and marketers strike a deal to supply 28 million litres of petrol daily to the marketers.
The deal, signed in Abuja, signals the end of petrol scarcity in Nigeria.
NNPC strikes new oil
Legit.ng previously reported that the Nigerian National Petroleum Company Limited (NNPC) announced that its Abigail Joseph Floating Production, Storage, and Offloading (FPSO) vessel had produced 60,000 barrels of crude oil daily.
The minister of state for petroleum (Oil), Heineken Lokpobiri, disclosed that Nigeria’s commitment to boosting oil production is progressing tremendously.
He said the stride is due to a solid partnership between the NNPC and its local partners, stressing that the recent production was commendable.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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